22-28 UNION STREET, TORQUAY - HIGH YIELDING UNBROKEN PARADE - KLM Retail
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22-28 UNION STREET, TORQUAY
HIGH YIELDING UNBROKEN PARADE
M5
A377
A30
INVESTMENT SUMMARY A386
n 100% prime multi-let block in popular seaside town
A30
n Majority of the property let to strong covenants (4A1/ 5A1) Torquay EXETER EXETER
n AWULT of approximately 6.8 years to expiry (3.4 years to break)
n Break up potential and sell units to private investors
n ffers in the region of £1,680,000 subject to contract, reflecting an
O LAUNCESTON
attractive net initial yield of 11% after purchaser’s costs of 6.21% A386 EXMOUTH
Dartmoor
National Park A380
LOCATION
Torquay is an attractive seaside town and busy commercial centre in south A388
A38
Devon. The town lies 25 miles south west of Exeter and 34 miles north east TORQUAY
of Plymouth, which gives the town dominance over it’s catchment. The
A380 and A85 are the main routes out of Torquay and link into the A38 A385
Devon Expressway.
Tourism is a major part of the local economy with approximately 5 million PLYMOUTH DARTMOUTH
tourists per annum and a direct and indirect spend of approximately £442
million. Tourism accounts for 30% of the employment in the town.
Torquay has a resident population of 65,000 (2011 Census) and a primary PLYMOUTH
catchment of 211,000 people.
RETAILING IN TORQUAY
Prime retail in the town is on the pedestrianised Union Street close to where
the large Primark and H&M stores are located. There are two small covered
shopping centres at each end of Union Street - Fleet Walk to the south
which is anchored by TK Maxx and a 450 space car park and Union Square
to the north which is anchored by Wilkinsons and a 450 space car park.
The subject property lies opposite Primark in what we would consider to be
a 100% prime location. Other nearby retailers include H&M, River Island, JD
Sports, H Samuel and Goldsmiths.
DESCRIPTION
The property comprises an attractive unbroken parade of four shops with
a small secondary unit to the rear on Lower Union Lane. The shops are
arranged over ground and one/two upper floors.
ACCOMMODATION TENANCIES & ERV
22 Union Street / Vodafone The property is let on full repairing and insuring leases as set out below.
Floor Use Area ft2
Ground Sales 1,035
Address Tenant Trading As Lease Rent Review Break Option Lease Expiry Rent pa ZA psf ERV pa
Ground ITZA 653
Ground Ancillary 141
Unit 22 Vodafone Limited Vodafone 24/06/2006 - 24/12/2018 23/06/2021 £70,000 £50.00 £36,200
First Ancillary 682 Amplifon Limited
Unit 24 Amplifon 26/11/2015 26/11/2020 25/11/2020 25/11/2025 £27,500 £50.00 £31,000
Second Ancillary 238
Total 2,096 W.C. Rowe
Unit 26 Just Good Grub 12/02/2008 12/02/2018 - 11/02/2023 £54,000 £50.00 £30,000
(Falmouth) Limited
24 Union Street / Amplifon Holland & Barrett
Unit 28 Holland & Barrett 03/01/2007 - 02/01/2022 £37,500 £50.00 £35,000
Retail Limited
Floor Use Area ft2
Ground Sales 777 Unit 22b/c C T Ross Grean Leaf Cafe 04/05/2007 04/05/2017 - 03/05/2022 £7,000 £11.51 £7,000
Ground ITZA 553
Total £196,000 £139,200
Ground Ancillary 104
First Ancillary 652
The total net rent after deduction of shortfalls is £196,000 per annum.
Total 1,533
26 Union Street / Just Good Grub TENURE
Floor Use Area ft2
Freehold.
Ground Sales 1,206
Ground ITZA 554
First Ancillary 456
Second Ancillary 177
Total 1,839
28 Union Street / Holland & Barrett
Floor Use Area ft2
Ground Sales 1,127
Ground ITZA 610
First Ancillary 996
Second Ancillary 810
Total 2,933
22B Union Street / Green Leaf Café
Floor Use Area ft2
Ground Sales 266
Ground ITZA 266
First Ancillary 355
Total 621
COVENANT STATUS We set out below the latest financial information on the tenants: Vodafone Limited (D&B 4A1) Year Ending 31/03/13 31/03/14 31/03/15 Turnover £5,062,500,000 £6,969,200,000 £6,924,200,000 Pre Tax Profit (£184,300,000) (£304,800,000) (£832,800,000) Net Worth (£1,629,200,000) (£1,991,600,000) (£1,658,000,000) Amplifon Limited Operates from 137 branches and 56 hearing care centres nationwide. Established over 65 years ago they are the world’s leading dedicated hearing specialist with more than 5,700 specialist centres in over 20 countries. W.C. Rowe (Falmouth) Limited Year Ending 29/12/12 28/12/13 03/01/15 Turnover £25,098,883 £20,386,805 £15,925,827 Pre Tax Profit (£938,050) (£608,040) (£301,909) Net Worth £4,766,978 £4,228,312 £4,427,760 Experian gives W.C. Rowe (Falmouth) Limited a rating of very low risk 100/100. Holland & Barrett Retail Limited (D&B 5A1) Year Ending 02/03/13 01/03/14 28/02/15 Turnover £335,286,000 £349,637,000 £368,823,000 Pre Tax Profit £74,421,000 £84,309,000 £89,463,000 Net Worth £193,650,000 £251,454,000 £260,473,000 CT Ross/ t/a Green Leaf Café An independent family run café.
VAT EPC PROPOSAL
The property is registered for VAT and therefore VAT will be An EPC has been conducted Our client is seeking offers in the region of £1,680,000 (One Million
payable on the purchase price or dealt with by way of a TOGC. and is available upon request. Six Hundred and Eighty Thousand Pounds) reflecting a net initial
yield of 11% assuming purchaser’s costs of 6.21%.
CONTACTS
Robert Dales Ed Gambarini
D: +44 (0)20 7317 3705 D: +44 (0)20 7317 3713
M: +44 (0)7740 535 395 M: +44 (0)7825 689 037
rdales@klmretail.com egambarini@klmretail.com
The agents for themselves and for vendors or lessors of properties on this site whose agents they are give notice that: 1: The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of an offer or contract;
2: All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but
must satisfy themselves by inspection or otherwise as to the correctness of each of them; 3: No person in the employment of the agents has any authority to make or give any representation or warranty whatever in relation to this site or properties to be built on this site.
KLM: August 2016
© Produced by Barbican Studio Tel: 020 7634 9574
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